Bankruptcy is a nasty thing.
It destroys families, causes divorce, illness, depression, cripples your creditworthiness, and can put you on the street.
Everyone loses in a bankruptcy:
The lender because the credit that they extended will not be repaid, and you because your credit is destroyed, at least for a few years until you're able to rebuild your creditworthiness, if your lucky enough to do so.
There are several types of bankruptcy, but for our purposes let's look at two of them:
1. Chapter 7 Bankruptcy, which is total bankruptcy, stays on your credit report for 10 years.
2. Chapter 13 Bankruptcy, or Wage Earner, which is kind of a payment plan, and stays on your credit report for 7 years.
Bankruptcy, kind of, is forever. Some Loan applications, and many job applications, will ask you if you have ever filed for bankruptcy.
It's been said that if this question is on the application and you lie to get a loan because your bankruptcy has been discharged, technically you have committed fraud. Attorneys, help us here !
Lenders don't like making loans to people with bankruptcies on their credit profile. Bankruptcy will slam you hard and change your life forever.
Before you file for bankruptcy make sure that you exhaust every possible remedy available to you, including a workout with your lender and a course of counseling with an approved financial advisor or counselor.
Try to work it out before you give up and discover that there's no way out.
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